XRP value rises by 6% to $0.57 following the launch of Grayscale XRP Trust. Analysts predict a potential bull run.
XRP Outperforms BTC and ETH
The cryptocurrency market has experienced little to no volatility in the past 24 hours, with Bitcoin (BTC) trading around $58K and Ethereum (ETH) standing above $3,300. Other high-ranked assets, such as Binance Coin (BNB) and Solana (SOL), are also moving sideways, but there is one exception, and its name is XRP. XRP price reached approximately $0.57, representing a 6% daily increase. It remains the seventh-largest cryptocurrency; however, its market capitalization has jumped by more than $2 billion in a matter of a day, currently set at over $32 billion.
Further Rally Incoming?
The aforementioned development generated huge excitement across the XRP community, with numerous analysts claiming this could be the starting point for a bull run. X user CryptoMutant thinks the launch of the investment vehicle has brought old targets back, envisioning $1 as a doable goal. Crypto Assets Guy was optimistic, too, arguing that Grayscale’s movement could be “paving the way” for a potential XRP ETF. They also believe that RLUSD (Ripple’s upcoming stablecoin pegged to the American dollar) “will bring massive liquidity,” whereas the Ripple v. SEC “is finally over.” It is worth noting that the lawsuit reached a major milestone in August when Judge Torres ordered Ripple to pay a $125 million fine (a 94% deduction of the SEC’s initial request for $2 billion) for violating certain securities laws. Nonetheless, the parties have until early October to appeal the decision, as the regulator seems more likely to do so.
The launch of the Grayscale XRP Trust and recent legal developments have significantly impacted XRP's price. Experts are optimistic about the potential for further growth.
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